---
title: How is interest calculated on my home loan?
description: "The bank calculates interest on the outstanding balance of your loan in the following way: You can find your interest rate on the first page of your home loan statement or on your internet banking. Ap"
---

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# How is interest calculated on my home loan?

The bank calculates interest on the outstanding balance of your loan in the following way:

- Each day, the bank multiplies your loan balance by your interest rate, and divide this by 365 days (even in leap years). This is your daily interest charge.
- At the end of the month, the bank adds together the daily interest charges for each day in the month. This is the monthly interest amount you see on your statements. If you’re making weekly or fortnightly repayments, then this amount is charged accordingly.

### How do I know what my interest rate is?

You can find your interest rate on the first page of your home loan statement or on your internet banking.

### Why does my interest amount change in some months?

Apart from changes in your interest rate, your interest amount can also change depending on the number of days in the month.

Because the bank calculates your interest every day, the more days in the month the higher the interest amount, and vice versa.

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